BOWAR: what changed
Two financial years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
BOWAR
Largest movements
- Financial fixed assets +€1.8m
up €1.8m (+252.1%), from €726,892 to €2.6m
- Cash +€45,983
up €45,983 (+232.4%), from €19,787 to €65,771
mainly Contributions, distributions and other (+€1.8m) and Net result for the year (+€75,749)
- Receivables within one year -€26,607
down €26,607 (-67.6%), from €39,344 to €12,737
of which Trade receivables: -€14,065
- Revaluation surpluses +€1.8m
new in 2025: €1.8m
- Reserves +€75,749
up €75,749 (+11.1%), from €683,167 to €758,916
of which Distributable reserves: +€75,749
- Debts after one year -€60,000
down €60,000 (-100.0%), from €60,000 to €0
- Financial income +€21,052
up €21,052 (+227.4%), from €9,256 to €30,308
- Turnover +€6,359
up €6,359 (+3.2%), from €198,612 to €204,971
- Taxes +€4,303
up €4,303 (+38.9%), from €11,075 to €15,377
- Services and other goods -€2,505
down €2,505 (-1.7%), from €143,610 to €141,105
From the 2024 result to the 2025 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Cash bridge derived
Derived from the 2024 and 2025 balance sheets and the 2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €786,429 | €2,638,334 | +€1.9m | +235.5% |
| Fixed assets | 21/28 | €726,892 | €2,559,421 | +€1.8m | +252.1% |
| Financial fixed assets | 28 | €726,892 | €2,559,421 | +€1.8m | +252.1% |
| Affiliated companies | 280/1 | €726,892 | €2,559,421 | +€1.8m | +252.1% |
| Participating interests | 280 | €726,892 | €2,559,421 | +€1.8m | +252.1% |
| Current assets | 29/58 | €59,537 | €78,913 | +€19,376 | +32.5% |
| Stocks and contracts in progress | 3 | €0 | €0 | = | |
| Amounts receivable within one year | 40/41 | €39,344 | €12,737 | -€26,607 | -67.6% |
| Trade receivables | 40 | €16,551 | €2,486 | -€14,065 | -85.0% |
| Other amounts receivable | 41 | €22,793 | €10,251 | -€12,542 | -55.0% |
| Cash at bank and in hand | 54/58 | €19,787 | €65,771 | +€45,983 | +232.4% |
| Deferred charges and accrued income | 490/1 | €406 | €406 | = | 0.0% |
| Total equity and liabilities | 10/49 | €786,429 | €2,638,334 | +€1.9m | +235.5% |
| Equity | 10/15 | €726,029 | €2,634,307 | +€1.9m | +262.8% |
| Contributions | 10/11 | €42,862 | €42,862 | = | 0.0% |
| Revaluation surpluses | 12 | - | €1,832,529 | +€1.8m | |
| Reserves | 13 | €683,167 | €758,916 | +€75,749 | +11.1% |
| Tax-exempt reserves | 132 | €0 | - | = | |
| Distributable reserves | 133 | €683,167 | €758,916 | +€75,749 | +11.1% |
| Amounts payable | 17/49 | €60,400 | €4,027 | -€56,373 | -93.3% |
| Amounts payable after more than one year | 17 | €60,000 | €0 | -€60,000 | -100.0% |
| Financial debts | 170/4 | €60,000 | €0 | -€60,000 | -100.0% |
| Other loans | 174 | €60,000 | €0 | -€60,000 | -100.0% |
| Amounts payable within one year | 42/48 | €0 | €4,027 | +€4,027 | |
| Trade debts | 44 | €0 | €4,027 | +€4,027 | |
| Suppliers | 440/4 | €0 | €4,027 | +€4,027 | |
| Other amounts payable | 47/48 | €0 | - | = | |
| Accrued charges and deferred income | 492/3 | €400 | €0 | -€400 | -100.0% |
| Operating income | 70/76A | €198,612 | €204,971 | +€6,359 | +3.2% |
| Turnover | 70 | €198,612 | €204,971 | +€6,359 | +3.2% |
| Operating charges | 60/66A | €144,420 | €141,939 | -€2,481 | -1.7% |
| Services and other goods | 61 | €143,610 | €141,105 | -€2,505 | -1.7% |
| Other operating charges | 640/8 | €810 | €834 | +€24 | +2.9% |
| Operating profit (loss) | 9901 | €54,192 | €63,032 | +€8,840 | +16.3% |
| Financial income | 75/76B | €9,256 | €30,308 | +€21,052 | +227.4% |
| Recurring financial income | 75 | €9,256 | €30,308 | +€21,052 | +227.4% |
| Income from financial fixed assets | 750 | €9,256 | €29,618 | +€20,362 | +220.0% |
| Income from current assets | 751 | €0 | €690 | +€690 | +2301366.7% |
| Other financial income | 752/9 | €0 | - | = | |
| Financial charges | 65/66B | €3,026 | €2,214 | -€813 | -26.8% |
| Recurring financial charges | 65 | €3,026 | €2,214 | -€813 | -26.8% |
| Debt charges | 650 | €2,541 | €1,713 | -€828 | -32.6% |
| Other financial charges | 652/9 | €486 | €501 | +€15 | +3.1% |
| Profit (loss) for the period before taxes | 9903 | €60,422 | €91,127 | +€30,705 | +50.8% |
| Income taxes | 67/77 | €11,075 | €15,377 | +€4,303 | +38.9% |
| Taxes | 670/3 | €11,075 | €15,377 | +€4,303 | +38.9% |
| Profit (loss) for the period | 9904 | €49,347 | €75,749 | +€26,403 | +53.5% |
| Transfer from tax-exempt reserves | 789 | €103,858 | €0 | -€103,858 | -100.0% |
| Transfer to tax-exempt reserves | 689 | €7,307 | €0 | -€7,307 | -100.0% |
| Profit (loss) for the period to be appropriated | 9905 | €145,898 | €75,749 | -€70,148 | -48.1% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 10 October 2026 via checked.be.